Press release
Independent Bank Corporation Reports 2023 Second Quarter Results
Second Quarter Highlights Highlights for the second quarter of 2023 include: An increase in net interest income of 6.3% over the second quarter of 2022;An
About this update from Independent Bank Corporation
[{"type":"text","content":"Second Quarter Highlights Highlights for the second quarter of 2023 include: An increase in net interest income of 6.3% over the second quarter of 2022;An increase in book value and tangible book value per share of $0.51;Net growth in loans of $121.3 million (or 13.9% annualized); andThe payment of a 23 cent per share dividend on common stock on May 15, 2023. GRAND RAPIDS, Mich., July 25, 2023 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported second quarter 2023 net income of $14.8 million, or $0.70 per diluted share, versus net income of $13.0 million, or $0.61 per diluted share, in the prior-year period. For the six months ended June 30, 2023, the Company reported net income of $27.8 million, or $1.31 per diluted share, compared to net income of $31.0 million, or $1.45 per diluted share, in the prior year period. William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We delivered another quarter of strong financial results with net income and pre-tax, pre-provision income both increasing from the prior quarter. We continue to see good stability in our deposit base and have successfully grown our client base and brought in new, full banking relationships. Economic conditions remain healthy throughout our markets and we continue to see attractive lending opportunities, which led to our total loans increasing at a 14% annualized rate in the second quarter. We have a solid pipeline of high quality commercial lending opportunities, and we believe that we can continue to grow our client base and deliver strong financial performance for our shareholders.” Significant items impacting comparable second quarter 2023 and 2022 results include the following: Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $2.4 million ($0.09 per diluted share, after taxes) for the three-month period ended June 30, 2023, as compared to $3.1 million ($0.12 per diluted share, after taxes) for the three-months ended June 30, 2022.The provision for credit losses on loans was an expense of $3.3 million ($0.12 per diluted share, after taxes) in the second quarter ended June 30, 2023, as compared to an expense of $2.4 million ($0.09 per diluted share, after taxes) in the second quarter ended June 30, 2022. Operating Results...